Clarification: FTC Randy Brook' statement

FTC $90 Million NorVergence Officer Settlements

Thomas Salzano $50 million, Peter Salzano $40 million.

“Story as published is fine, “FTC Senior Attorney Randy Brook told Leasing News by e-Mail: “We go after individuals to make sure they do not retain the profit from fraud schemes. Sometimes this means we get judgments against individuals who have no money left, if only to make it clear that we are serious about going after fraud and its profits. I can't predict what the FTC might do, if anything, regarding finance companies and their officers who were involved in NorVergence financing.”

If you are not on our mailing list, you may not have received our late breaking story on Monday:

http://www.leasingnews.org/archives/June%202006/06-26-06-Flash.htm

Seattle Based FTC cat Randy Brook

FTC senior attorney Randy Brook most notably recent win was against Leasecomm. Under the terms of the settlement with the Federal Trade Commission, Leasecomm agreed to stop collection efforts on all outstanding judgments, totaling $24 million, involving the financing of the software and equipment for processing credit-card transactions. The company also agreed to stop financing those kinds of business opportunities in the future. Leasecomm also paid pay a $1 million fine to be split by the states of Massachusetts, Florida, Illinois, Kansas, North Carolina, North Dakota and Texas, plus other fines to the State of California. One of his claims to fame is the ability to read Lease Team software programs, a very popular accounting program among the equipment leasing industry.